Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News! Global plugin vehicle registrations were up 45% in August 2023 compared to August 2022, rising to 1,238,00 units. In the end, plugins represented 18% share of the overall auto market (with a 13% BEV share alone). This means that […]
Why will oil be able to raise the prices? Seems like with less demand it’d be cheaper.
That’s what you’d think. But they’re capitalists and will squeeze every penny they can to their dying breath.
Supply and demand is largely a myth, especially in markets like oil where it’s practically a monopoly.
Lmao
Same reason why oil prices keep going up even as demand drops, the price of oil is largely determined by OPEC+ and they will cut production until prices rise to where they want them, and the more they have to cut production the higher the prices have to be to offset their fixed costs. More oil = more total revenue = lower price floor for profits.